The economy of Jamaica expanded 2.2 percent year-on-year in Q2 2018, higher than the 1.4 percent expansion for the previous quarter. It was the fastest growth in seven quarters, mainly nudged by: agriculture (+12.5 percent vs +0.6 percent) and mining (31.6 percent vs 26.0 percent). Also, food & beverages rebounded 2.5 percent following an 1.8 percent contraction in Q1, while construction gained steam (+2.9 percent vs 1.1 percent). In contrast, manufacturing activity eased (+0.2 percent compared to +0.6 percent) most services categories advanced at softer rates and below the rest of the economy, namely internal trade (0.6 percent compared to 0.5 percent). On a quarterly basis, the GDP grew 1.6 percent, rebounding from a 0.4 percent contraction in the previous three months. GDP Annual Growth Rate in Jamaica averaged 0.52 percent from 1997 until 2018, reaching an all time high of 4.30 percent in the fourth quarter of 2006 and a record low of -4.60 percent in the second quarter of 2009.
GDP Annual Growth Rate in Jamaica is expected to be 2.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Jamaica to stand at 1.90 in 12 months time. In the long-term, the Jamaica GDP Annual Growth Rate is projected to trend around 2.30 percent in 2020, according to our econometric models.